The overall capital raising of $5.5 million will finance an...

The overall capital raising of $5.5 million will finance an aggressive exploration program across
the Castlemaine gold field in 2008. Two drill rigs are already drilling to infill sections on the
Chewton Anticline prospect directly to the east of the old Wattle Gully mine. Discussions are
being concluded with drilling companies to gain more drilling capacity to enable the testing of
targets identified earlier in the year in the northern part of the field together with new drilling
across other high potential structures.
The overall program, started with the recommencement of drilling on the Chewton Anticline
prospect in October 2007, is planned to exceed 16,000 metres of drilling by the end of
calendar 2008. This will be the most extensive exploration effort on this under-explored, underdeveloped
major gold field.
Historical research that culminated in the 3D modelling of the field in 2006 has resulted in 33
fault reef targets being identified thus far within the main corridor of the Castlemaine field and
some adjacent structures. Focus will also be given to the untested exploration potential further
north extending into the pine plantation where the gold rush first began in 1851 and went on to
produce 5.6 million ounces from the Castlemaine gold field.
The Company anticipates being able to produce the first inferred resource estimate for the
Chewton Anticline prospect at the end of the upcoming March quarter and, with ongoing drill
testing in 2008, go on to demonstrate the multi-million ounce potential of the Castlemaine
goldfield.